Wharf Full-Year Results a Beat on Strong Development Properties
The Wharf reported better-than-expected 2017 results on strong development revenue in China and Hong Kong. Excluding the contributions from Wharf REIC to account for the demerger, the company achieved core profit of HKD 7.1 billion, 36% higher than that of a year ago. The core profit is 15% ahead of our projection due to higher booked revenue and margin of development projects in Hong Kong and China. Reflecting strong property sales, as well as a gain from asset disposal in Hong Kong, we revised...Wharf is an investment holding company. Co. operates in five segemnts: investment property, which includes property leasing operations consisting of retail, office and serviced apartments; development property, which encompasses activities relating to the acquisition, development, design, construction, sale and marketing of Co.'s trading properties; hotels, which includes hotel operations in the Asia Pacific region; logistics, which includes the container terminal operations in Hong Kong and Mainland China; and media and entertainment, which comprises pay television, internet and multimedia and other businesses and the telecommunication businesses.
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